Banc of California (NYSE:BANC) Price Target Cut to $15.00 by Analysts at Wells Fargo & Company

Banc of California (NYSE:BANC) had its target price cut by Wells Fargo & Company from $16.00 to $15.00 in a research report sent to investors on Tuesday, Benzinga reports. They currently have an equal weight rating on the bank’s stock.

BANC has been the subject of several other research reports. Barclays reduced their price target on shares of Banc of California from $16.00 to $15.00 and set an equal weight rating for the company in a report on Wednesday, April 24th. Stephens decreased their target price on shares of Banc of California from $16.00 to $15.00 and set an equal weight rating for the company in a research report on Tuesday, May 14th. Wedbush dropped their price target on shares of Banc of California from $16.00 to $15.00 and set a neutral rating on the stock in a research note on Wednesday, April 24th. StockNews.com upgraded Banc of California to a sell rating in a research report on Thursday, April 25th. Finally, Keefe, Bruyette & Woods raised Banc of California from a market perform rating to an outperform rating and increased their price target for the stock from $16.00 to $18.00 in a research note on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Hold and an average target price of $15.81.

Banc of California Price Performance

Shares of NYSE:BANC opened at $13.53 on Tuesday. The company has a market cap of $2.13 billion, a PE ratio of -4.06 and a beta of 1.14. Banc of California has a fifty-two week low of $9.96 and a fifty-two week high of $16.08. The firm has a 50-day simple moving average of $13.45 and a 200 day simple moving average of $13.79. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.32.

Banc of California (NYSE:BANC) last announced its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.07). Banc of California had a positive return on equity of 2.25% and a negative net margin of 29.10%. The company had revenue of $522.57 million for the quarter, compared to analyst estimates of $296.02 million. During the same quarter in the previous year, the company posted $0.37 earnings per share. On average, sell-side analysts anticipate that Banc of California will post 1.04 EPS for the current year.

Banc of California Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 14th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.40 annualized dividend and a yield of 2.96%. Banc of California’s dividend payout ratio is currently -12.01%.

Insiders Place Their Bets

In other Banc of California news, CEO Jared M. Wolff bought 7,130 shares of Banc of California stock in a transaction that occurred on Thursday, April 25th. The stock was purchased at an average cost of $13.98 per share, for a total transaction of $99,677.40. Following the completion of the acquisition, the chief executive officer now owns 268,695 shares of the company’s stock, valued at approximately $3,756,356.10. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Banc of California

Hedge funds and other institutional investors have recently modified their holdings of the stock. Simplicity Wealth LLC acquired a new position in Banc of California in the 2nd quarter worth approximately $132,000. EMC Capital Management acquired a new stake in shares of Banc of California in the first quarter worth $235,000. Redwood Investment Management LLC purchased a new position in shares of Banc of California during the first quarter valued at $630,000. Kennedy Capital Management LLC raised its position in Banc of California by 0.7% during the first quarter. Kennedy Capital Management LLC now owns 1,802,075 shares of the bank’s stock valued at $27,410,000 after buying an additional 13,311 shares during the period. Finally, Black Maple Capital Management LP lifted its stake in Banc of California by 195.5% in the 1st quarter. Black Maple Capital Management LP now owns 462,409 shares of the bank’s stock worth $7,033,000 after acquiring an additional 305,932 shares in the last quarter. Institutional investors and hedge funds own 86.88% of the company’s stock.

Banc of California Company Profile

Banc of California, Inc operates as the bank holding company for Banc of California that provides various banking products and services in California. The company offers deposit products, such as checking, savings, money market, demand, and time deposits; certificates of deposit; retirement accounts; and safe deposit boxes.